Sunland Group Limited (ASX:SDG) has bought a 4.7 hectare site in Palm Beach on the Gold Coast.
The property developer will pay private investors $18.4 million for the asset which is located on the Gold Coast Highway.
Sunland says the site is earmarked for a master planned residential community including 162 luxury mid-rise apartments and 86 attached dwellings.
The project has an estimated end value of $136 million and construction is slated to start early 2015 ahead of revenue expected the following year.
Sunland believes the new acquisition will complement the extensive urban renewal already underway in the established Gold Coast suburb.
Sunland Group reported a net profit of almost $3 million in the first half of the 2014 financial year.
